Student loan interest
“In the past, in order for anyone to deduct the student loan interest, they had to be legally responsible for repaying the debt. Now under the new act, the child can deduct up to $2,500 of student loan interest paid by mom and dad as long as the child is not a dependent of mom and dad,” said Joseph.
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Your time
Time is money, so why not cash in for donating your time to various projects? “You may be able to write off the cost of transportation, along with any out-of-pocket expenses that you generate as a result of the charitable activity you’re participating in. You can also use the charitable mileage factor of 14 cents a mile, as long as you keep track of the miles. Out-of-pocket cash contributions are also deductible, such as contributing to the red bucket campaign by the Salvation Army,” advised Joseph.
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